Which medical expenses can you claim? To know for whom you can claim medical expenses, see How do you claim eligible medical expenses on your tax return? You can claim only eligible medical expenses on your tax return if you, or your spouse or common-law partner: paid for the medical expenses in any 12-month period ending in 2016 did not claim them in 2015. Generally, you can claim all amounts paid, even if they were not paid in Canada. For all expenses, you can only claim the part of the expense that you or someone else have not been and will not be reimbursed for. However, the expense can be claimed if the reimbursement is included in your or someone else’s income (such as a benefit shown on a T4, Statement of Remuneration Paid, slip) and the reimbursement was not deducted anywhere else on the income tax and benefit return.
We work with amazing people – we want you to get to know them.As a Consumer Choice Award Winner, we understand that our business wouldn’t be award winning without our clients and customers. We work with such amazing people who work tremendously hard as small business owners. It’s important to us to share their stories because their businesses make our business better!
Are you an employed artist or? Don’t miss out on tax credits that you may be eligible for: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns206-236/229/rtsts/menu-eng.html
2017 Automobile Deduction Limits and Expense Benefit Rates for Business The ceiling on the capital cost of passenger vehicles for capital cost allowance (CCA) purposes remains at $30,000 (plus applicable federal and provincial sales taxes) for purchases after 2002. This ceiling restricts the cost of a vehicle on which CCA may be claimed for business purposes. The limit on deductible leasing costs remains at $800 per month (plus applicable federal and provincial sales taxes) for leases entered into after 2002. This limit, which ensures that the level of deductions for leased and purchased vehicles is consistent, is one of two restrictions on the deduction of automobile lease payments. A separate restriction prorates deductible lease costs where the value of the vehicle exceeds the capital cost ceiling. The limit on the deduction of tax-exempt allowances paid by employers to employees remains at 54¢ per kilometre for the first 5,000 kilometres driven... View Article
We have 600 square feet of beautiful office or studio space for rent. Our beautiful building overlooks the Rose Garden at Gage Park. It’s a quiet – pet friendly building – perfect for a young professional. Here’s a link with pictures and all the information. Call the office if you or someone you know is interested in a tour! https://www.realtor.ca/Commercial/Retail/17688444/1051-MAIN-Street-East-Hamilton-Ontario-L8M1N5-Crown-Point
Here’s the link: http://www.cra-arc.gc.ca/trades/ Deduction for tools (tradespersons) If you were a tradesperson in 2016, use the following formula to calculate your maximum tradesperson’s tools deduction for the cost of eligible tools you bought in 2016: Maximum deduction for eligible tools is the lesser of: a) $500; and b) the amount, if any, determined by the formula A − $1,161 where A = the lesser of: 1. the total cost of eligible tools that you bought in 2016; and 2. your income from employment as a tradesperson for the year plus the amount you received in 2016 under the Apprenticeship Incentive Grant and the Apprenticeship Completion Grant programs; minus the amount of any Apprenticeship Incentive Grant and Apprenticeship Completion Grant overpayments that you had to repay in 2016. Are you confused or need some help? Call our office today: 905-549-4418
On January 1, 2017, all indexed personal income tax amounts, including tax bracket thresholds and amounts used to calculate non-refundable tax credits, were adjusted by 1.4%. The Canada Child Benefit and the goods and services tax credit will take effect July 1, 2017. For 2017 the federal tax bracket thresholds are: → 15% for taxable income between $0.00 and $45,916 → 20.5% for taxable income above $45,916 → 26% for taxable income above $91,831 → 29% for taxable income above $142,353; and, → 33% for taxable income above $202,800
We spent some time getting to know Tony from Assante Capital Management. He has been in business for over 30 years helping clients achieve financial growth. He is not only a financial advisor, but he is also a partner in the business – so he’s very invested! (Ha! Pardon the pun.) Tony started in the industry in 1984 and is licensed in securities, mutual funds, insurance etc., He has seen, done and heard it all and very few things surprise him. What we like most is his ‘no pressure’ approach with his clients and his passion for his life’s work. Because of his years of experience, Tony has seen very transformative times in the stock market but the most impactful was definitely around 911. He explained that his clients had never been so fearful and that it “changed the way I saw the world and the way I changed my... View Article
We spent some time getting to know Suzanne from The Personal Mortgage Group. They have been in business for 25 years helping clients find personal mortgage solutions and she’s been along for the ride for many of them. She started in the industry in real estate and loved working on behalf of clients and private banks. She was drawn to the industry because she loves helping people navigate tricky contracts and loves shining a light on the differences between mortgages. We all know what it’s like to feel vulnerable and stressed at the time of a home purchase and her strong desire to make the experience easier for her clients is why we love working with Suzanne
We spent some time getting to know Joseph Vandenhurk at Miska Trailers. His company sells trailers but he definitely doesn’t trail behind anyone or anything. Located on Highway 6, just north of Clappison’s Corners, he has been in business for 12 years. He bought the pre-existing business at the time mostly he says, because “he wanted to be his own boss.” Since then, his company has seen significant and enviable growth. But, as we know, to be successful in business, you need to understand where your abilities start and stop. That, says Joseph, is why I have Padgett Business Services do my books – “because I knew right away that my skills were in other places.” Places like innovating new products and overseeing the construction of custom trailer orders from start to finish. They’ve also worked at and invested a great deal in minimizing their environmental impact in their production... View Article